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The Personal benefits of Homeownership

Monday, July 2, 2018   /   by Rich Hernandez

The Personal benefits of Homeownership

There's no place like home - especially if that home is one you own. Between building wealth and claiming tax deductions, homeownership has always made sense from a financial investment standpoint. But there are also perks to homeownership that don't necessarily show up in the pocketbook.  "Homeownership really brings that residential stability that raises educational attainment," said Nadia Evangelou, a research economist at the National Association of Realtors who co-authored the group's report on homeownership's social benefits in 2016. "That's the most important thing. It brings very positive outcomes in children." The benefits of homeownership extend far into the later stages of education, as well. Both Burdick and Curran pointed out that studies have shown a child raised in an owned home is twice as likely to go to college as a child in a rental situation, and Evangelou noted that children of homeowners are less likely to drop out of school. Evangelou added that recent research has even found some association between the act of saving money and childhood outcomes. "Those behaviors you form saving to buy a house in order to afford a down payment," she said. "The behavior of the parents can be transferred to their kids."

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Rich Hernandez
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